Macau growth lifts Wynn

Casino operator Wynn Resorts saw a 25% year-on-year increase in quarterly net income, as gains in Macau were offset by a setback in Las Vegas.

The company, in a trading update, said revenue during the three months to June 30 totalled $1.06bn ($950.0 million), which was up slightly on the $1.04bn reported for Q2 2015.

Net income was $70.4 million, which was a double-digit rise on the $56.5 million recorded a year earlier.

Revenue in Macau climbed 3.6% to $639.3 million, while Las Vegas saw a 1.1% decline to $419 million. Adjusted earnings from the Chinese region was $190.4 million, a 9.8% increase year-on-year, while Las Vegas contributed $122.3 million, down 0.2%.

Company chairman Steve Wynn said he was particularly happy with the financial results in Macau, where the company will open the $4.2 billion Wynn Palace in late August.

“It’s the most diversified attraction we’ve ever built, and I say that unequivocally because it took six years to design and build it,” Wynn said of Wynn Palace in a conference call.

Despite Wynn’s optimism, the company's share price fell due to the chairman signaling that the Macau property will not contain as many baccarat tables as had previously been suggested.

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